News

Dear Valuable Customer,

As you all must be aware the Finance Act 2021 has inserted section 194Q under chapter XVII-B of Income Tax Act from 1^st July 2021, which provides, every buyer, having turnover exceeding Rs. 10 crores in the preceding financial year i.e. FY 2020-21, needs to deduct TDS @ 0.1% if the value of the aggregated value of the purchase from such seller exceeds Rs. 50 lacs during the current financial year i.e. 2021-22.

Please be noted that MISUMI INDIA is compiled and/or satisfying the following conditions:

• We have filed the ITR for the previous two years (i.e. FY 2018-19 and FY 2019-20); and
• We have the aggregate Tax Collected at Source ('TCS') and Tax Deducted at Source ('TDS') in each of the previous two years (i.e. FY 2018-19 and FY 2019-20) exceeds INR 50,000.

Hence, you are requested kindly to deduct TDS at normal rates as we are complying with the Income-tax act.

In case of any further query, please contact us at CS@Misumi.co.in

Yours sincerely,

MISUMI India.